An NYSE Scalper's Tale - A Trader's Diary

Tuesday, November 28, 2006

Down, But Not Out

Gross: +$184.04
Net: +$45.67
Loss From Top: 0
Trades: 69
Shares Traded: 157400

Stocks Traded Today (net profit/loss):
Motorola (MOT): +$307.48
Ford (F): +$215.92
Valero Energy (VLO): -$1.83
Micron Tech (MU): -$19.57
Advanced Micro Devices (AMD): -$23.61
Home Depot (HD): -$24.90
Hewlett Packard (HPQ): -$44.76
Corning (GLW): -$65.45
AT&T (T): -$106.55
Walmart (WMT): -$190.91

Gonna keep this short as I have other things to do tonight...

This morning we all came into the office and it seemed like we were going to be in for a problem-free day....there were no warnings for latecomers and no notice about not logging in. A few people from the back office even came out to ask if everyone was okay logging in.

BUT, we were in for a wild morning...here is just a sample of some of the things that went awry:
slow execution, lots of Island book stickies, lots of Arca book stickies, ISI problems, chart freezes, quote freezes, a quotes server restart, Arca book going down, ISI going down, delayed quotes, slow cancel and disappearing orders (only to be filled after a long delay).

It was during this time I quickly found myself in a hole by a little over $400. At that point, I considered going home and to leave the problem-filled system behind.

But I stuck around - my thoughts were that I was down, but I wasn't out and if the system stabilizes, I might be able to work myself out of this mess.

So I sat patiently and waited until everything seemed stable.

Coming up to lunch, things seemed to calm down a bit and the system behaved itself.

However, I kept having intermittent problems with my charting software all day long. Many times I found that the charts were not updating. Other times I tried changing the charts to another stock, only to have it display a blank screen.

All in all, I restarted the charting application 8 times today (yup, I kept count). There were several times when all data prior to the application restart did not show up (so I ended up with basically no charts for a while).

By about 2:30PM, the charting software appeared to be back 100%.

For most of the day, I found it hard to find opportunities and hence the low number of trades. I just really had to sit tight and try not to trade.

One good trade and no bad trades. I just had several small losses in the morning.

I'm not going to bother with posting the charts tonight (you can have a look at the intraday charts yourself....just for tonight!).

Two more days and November is done!

Good Trades
11:59:25AM - Ford (F) was moving up while the Futures were chopping sideways. I noticed Ford a little too late...it had already had a good run up so when I saw a chance, I got long 10,000 shares. I really had to have patience for this trade to work and got out as follows: 2-cent winner (5000 shares). 3-cent winner (5000 shares) ($250 profit before fees ; Long 10,000 shares @ $8.16 ; Out: 12:16:37PM)

Bad Trades
None.

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5 Comments:

  • should peter fire some back office nerds? the system really sucks!

    By Anonymous Anonymous, at November 28, 2006 7:25 PM  

  • Hey, just a quick question...do you know of any blogs that have to do with scalping or post that have to do with scalping....not neccessarily the type of scalping you do though, more that have to do with charts and what not, thanks

    By Anonymous Anonymous, at November 28, 2006 7:46 PM  

  • Anon@7:25PM,
    Thanks for your comments. I'm sure a lot of traders want that to happen! Hopefully when Peter sees the lost profits because of the system problems he can make a move (or at least a stern warning) to someone back there...hopefully tomorrow will be better!

    Anon@7:46PM,
    Thanks for your comments. You can check the "Links To Other Blogs" on the sidebar - they are a good source of information. And also be sure to check out who they link to as well...sometimes I've spent hours going from one blog to another. Most of the ones I've listed are day traders and many of them do some scalping - many also posts their trades via charts too.

    Good luck and happy trading!

    By Blogger J.C., at November 28, 2006 9:27 PM  

  • I'm curious, did you get training when you joined the prop firm or did you come in with a proven track record ?

    Thanks,
    NoGreedNoFear

    By Blogger NoGreedNoFear, at November 29, 2006 5:47 PM  

  • NoGreedNoFear,
    Thanks for your comments. When I joined the prop firm, they provided very little training - they really expected us to find our own way instead of following a specific way. I didn't really have much of a track record, though I did trade a lot of options before joining the firm (I even told them the story of how I lost $25,000 on one bad options trade).

    Hope it helps!

    By Blogger J.C., at November 29, 2006 7:01 PM  

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